Developing Effective Teams

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* The American Council on Education's College Credit Recommendation Service (ACE Credit®) has evaluated and recommended college credit for 26 of Sophia’s online courses. Many different colleges and universities consider ACE CREDIT recommendations in determining the applicability to their course and degree programs.

Question 54 The omission of the adjusting entry to record depreciation expense will result in an

Question 84 What should be the balance of retained earnings at December 31, 2017?

Question 98 In Reese's December 31, 2017 balance sheet,The current assets total is

Question 44 Which of the following statements is true?

Question 63 Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2017, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:

Question 46 What is the effect of a $50,000 overstatement of last year's inventory on current years ending retained earning balance?

Question 104 Based on the above information, the inventory account at December 31, 2017, should be reduced by

Question 87 On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $100,000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Gold Star’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease payment?

Question 95 What amount of cash was paid on accounts payable to suppliers during 2019?

Question 34 The difference between the accounting process and the accounting cycle is

Question 28 Which of the following tables would show the smallest value for an interest rate of 5% for six periods?

Question 43 In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the December 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2017 will result in a credit that should be reported

Question 30 Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except

Question 39 Broadway Corporation was granted a patent on a product on January 1, 2007. To protect its patent, the corporation purchased on January 1, 2018 a patent on a competing product which was originally issued on January 10, 2014. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing the product. The cost of the competing patent should be

Question 32 An account which would be classified as a current liability is

Question 68 A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2017 balance sheet?

Question 41 A company that uses the last-in, first-out (LIFO) method of inventory pricing finds at an interim reporting date that there has been a partial liquidation of the base period inventory layer. The decline is considered temporary and the partial liquidation is expected to be recovered prior to year-end. The amount shown as inventory at the interim reporting date should

What are the four criteria used for determining if a lease is to be treated as a capital lease? (This question can be expanded to discuss the income statement and balance sheet implications of both a capital lease and an operating lease.)

Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.

Client X contacted you for clarification and recommendations regarding the following issues:

• How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.

• Whether interest cost on construction of a new warehouse may be included in the cost of the new warehouse.

• In what instances should goodwill be adjusted for impairment?

Discuss the above with your team and come to a consensus.

Write a 350-to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.

Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.

Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lessee makes equal monthly payments at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis.

On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lease term is equal to 80 percent of the estimated economic life of the machine. The second lease contains a bargain purchase option; the lease term is equal to 50 percent of the estimated economic life of the machine.

The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.

Discuss how the two basic requirements for accrual of a loss contingency relate to the four concepts listed above.

Debate with your team the Codification Research Case. Have half the team support the sales manager's position and another part of the team support the CFOs position.

Present both sides and come to a consensus as a team. Additionally, the CFO at this company has asked for your guidance in evaluating leases.

Write a 350- to 525-word memo on this topic, specifically on how to determine whether substantially all of the risks and rewards of ownership are transferred in the lease. Address how "substantially all" is defined in the authoritative literature.

Write a 350-to 525-memo to the client explaining the essence of fair value reporting and identifying primary concerns associated with it. Make a recommendation to the client as to which type of pension plan they should implement and why.